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29 May 2024
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Price Analysis

Shiba Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s Prediction Comes True?

Shiba Inu is up by 7% in the past 24 hours amidst an uptick in the meme coin market, coming ahead of Dogecoin at this time. The meme coin niche has witnessed a strong resurgence in the past day, with the entire niche up by 7.82%. Shiba Inu has particularly done well and witnessed a strong volume of interest amidst this uptick. Interestingly, this uptick in volume for SHIB has surpassed DOGE, with on-chain data suggesting SHIB could do better in the short term. At the same time, crypto analyst Ali Martinez has revealed a phenomenon that could lead to a 20% upswing for SHIB.

Shiba Inu Volume Flips Dogecoin

Data from Coinmarketcap shows that Shiba Inu has witnessed a trading volume increase of 320% in the past 24 hours. The metric, on Dogecoin’s side, was an increase of 160%. The crypto, which has been trading inside a descending channel for a while, is now appearing to make a push above. 

Related Reading: Analyst Who Predicted Solana’s 1,100% Move Reveals Where The Altcoin Is Headed Next

Although current data from analytics platform IntoTheBlock (ITB) suggests DOGE is still holding on for a longer-term overperformance over SHIB, SHIB is starting to position itself to outperform DOGE in the short term on a cost basis. According to ITB’s holding by time metric, DOGE has seen a 1.86% increase in the number of holders in the past 30 days, compared to a 0.43% increase for SHIB. ITB terms holders as passive investors that have held the asset for more than one year. 

However, the number of cruisers (investors holding between 1 to 12 months) flips the short-term interest in the favor of SHIB. As of this writing, SHIB’s cruisers have increased by +5.69% in a 30-day timeframe. The metric, on DOGE’s side, shows a 2.44% decrease.

Shiba inu
Source: IntoTheBlock

SHIB To Breakout Of Parallel Channel

The recent increase in volume and short-term activity suggests that SHIB is ready to break out of a descending parallel channel of lower highs. As pointed out on social media by crypto analyst Ali Martinez, SHIB has been trading in a descending parallel channel since the last week of April. Current price action shows SHIB is now at the upper end of the descending and is at a critical junction for a breakout or reversal. 

Related Reading: Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000

According to the analyst, a breakout from this channel at $0.00002444 could lead to another 20% upswing to $0.00002954. The price target serves as the highest point of the descending channel under consideration. A further surge could see SHIB returning back to the $0.00003 price territory. 

At the time of writing, SHIB is trading at $0.0000236. Failure to break above $0.00002444 could send the cryptocurrency back down as far as $0.0000211.

Shiba Inu price chart from Tradingview.com (Dogecoin)
SHIB price rises above $0.000023 | Source: SHIBUSDT on Tradingview.com

Featured image from MARCA, chart from Tradingview.com

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